The Republic of Korea (or South Korea) is a state in East Asia, one of the leading economies in its region. The country is ranked among the so-called "Asian tigers." This is a group of states that have demonstrated phenomenally high rates of economic development from the 1960s to the 1990s.
This article contains a detailed story about South Korean coins: both modern and those that have already gone out of circulation.
Meet Vaughn
The official currency of the Republic is South Korean Won (KRW). Her "biography" begins on June 9, 1962, when she replaced the hwan - the previous currency of the state. At that time, the won rate was artificially attached to the American dollar at a ratio of 1: 125 in favor of the “green”.
Today in South Korea, both coins and paper notes are in circulation. Previously, there was also a fractional coin “chon” with a denomination of 1/100 won. However, as a result of many years of devaluation of the Korean currency, it has lost its significance and is no longer used. Coins of South Korea in 1, 5 and 10 won are extremely rare these days. It is customary to round off all calculations in the country to ten.
As of December 2018, the South Korean Won rate in relation to other currencies is as follows:
- 100 Russian rubles = 1695 KRW.
- 100 US dollars = 113296 KRW.
- 100 Japanese yen = 1000 KRW.
Coins of South Korea: photos and general information
For many centuries, the peninsula was heavily influenced by Chinese culture. Accordingly, the coins here were cast according to the Chinese model - with a characteristic square hole in the middle.
Officially in circulation today you can find coins of the following denominations: 1, 5, 10, 50, 100, 500 won.
More detailed information about them is given in the table:
Coins of South KoreaFace value | Diameter | Metal / Alloy | Years of release | What is depicted |
1 | 17.2 mm | Aluminum | 1968, 1983 | Hibiscus syrian |
5 | 20.4 mm | Bronze or brass | 1966, 1970, 1983 | Ship kobukson |
10 | 22.9 mm | Bronze or brass | 1966, 1970, 1983 | Tabot Thap (Pagoda) |
10 | 18.0 mm | Aluminum (copper on top) | 2006 | Tabot Thap (Pagoda) |
fifty | 21.6 mm | Copper-Zinc-Nickel Alloy | 1972, 1983 | Rice flower |
100 | 24.0 mm | Copper nickel | 1970, 1983 | Li Songxing (military leader) |
500 | 26.5 mm | Copper nickel | 1972 | Crane |
Interesting and especially valuable specimens
Some South Korean coins are of particular value to numismatists and collectors. One of the most expensive is the jubilee silver coin of 1970, minted in denominations of 500 won. Its collection value is about 15 thousand rubles. Another interesting numismatic specimen of South Korea is a coin of 100 won in 1975. This is a rather large (300 mm in diameter) commemorative coin dedicated to the 30th anniversary of the Liberation of Korea.
A number of jubilee South Korean coins of the 80s were timed to coincide with a significant event in the history of the country - the XXIV Olympic Games, which, as you know, were held in Seoul (pictured). A considerable demand among numismatists is caused by a copper-nickel copy of 1984 produced in denominations of 1000 won. This coin is interesting in that its obverse depicts the Mendon Catholic Cathedral, located in Seoul.
Coins of South Korea may be a thing of the past
By 2020, the South Korean government plans to completely withdraw metal money from circulation. This initiative of the authorities is supported by 51% of Koreans (a special survey was conducted). Initially, the so-called “non-coin program” will be tested in small retail outlets. After that, metal money will cease to be accepted and issued in large shopping centers and supermarkets. Small change will be transferred to the buyer on his bank card or on a public transport fare card.